ORBCOMM Inc. (NASDAQ:ORBC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On May22, 2018, ORBCOMM Inc. (the “Company”) announced that Robert Costantini has resigned from his position as Executive Vice President and Chief Financial Officer of the Company effective May17, 2018. Mr.Costantini’s resignation was not the result of any dispute or disagreement with the Company on any matter relating to the Company’s operations, policies, practices or financial statements, including its controls or other financial related matters.
In connection with his resignation, Mr.Costantini entered into a letter agreement with the Company confirming that he will be entitled to receive certain salary continuation and other severance benefits for a termination of his employment by the Company without cause, as set forth in his employment agreement dated as of December31, 2010 between the Company and Mr.Costantini previously filed with the Securities and Exchange Commission and described under “Certain Relationships and Transactions With Related Persons – Employment Agreements” in the Company’s proxy statement filed in connection with its 2018 Annual Meeting of Stockholders. Under the terms of the letter agreement, Mr.Costantini’s unvested 7,530 time-based Restricted Stock Units and 7,530 performance-based Restricted Stock Units previously granted for fiscal year 2018 will vest on their original vesting dates as if he remained employed by the Company through the applicable vesting dates, subject, in the case of the performance-based Restricted Stock Units, to achievement of the performance targets established for fiscal year 2018. A copy of the letter agreement is filed herewith as Exhibit10.1 to this Form8-K.
In connection with Mr.Costantini’s resignation, the Company has initiated a search for a new Chief Financial Officer and until one is appointed, Constantine “Dean” Milcos, age 52, has been appointed as Interim Chief Financial Officer effective immediately. Mr.Milcos has served as the Company’s Senior Vice President and Chief Accounting Officer since September25, 2013 and will continue in that role while also serving as Interim Chief Financial Officer.
Prior to joining the Company, Mr.Milcos served in various accounting roles at Medco Health Solutions, most recently serving as Vice President, SEC Reporting, Technical Accounting and Controls from 2008 to 2013. Mr.Milcos received a B.S. in accounting from Lehigh University and an M.B.A. from New York University’s Stern School of Business. There are no arrangements or understandings between Mr.Milcos and any person other than the Company to which he was appointed as Interim Chief Financial Officer. There is no family relationship between Mr.Milcos and any director or executive officer of the Company or any person nominated or chosen to become a director or executive officer of the Company. Mr.Milcos has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of RegulationS-K.
ORBCOMM Inc. ExhibitEX-10.1 2 d572009dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 May 22,…To view the full exhibit click
About ORBCOMM Inc. (NASDAQ:ORBC)
ORBCOMM Inc. is a provider of machine-to-machine (M2M) solutions, including network connectivity, devices and Web reporting applications. The Company’s M2M products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, intermodal containers, generators, fluid tanks, marine vessels, diesel or electric powered generators (gensets), oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters, in the transportation and distribution, heavy equipment, oil and gas, maritime and government industries. It provides Automatic Identification System (AIS) data services to assist in vessel navigation and to improve maritime safety to government and commercial customers across the world. The Company provides its services using various network platforms, including its own constellation of approximately 40 low-Earth orbit (LEO) satellites and its accompanying ground infrastructure.